Adding to Chinese unease, President Trump said last Thursday that "the problem of North Korea" would be "taken care of". If the same goods - iPhones, say - that were previously produced in China or Mexico were produced in the United States instead, they would very likely be more expensive, and perhaps many fewer would be produced and sold.
Before the U.S. election, Mr. Trump likened this to "raping" the United States, and promised to label China a currency manipulator on his first day in office.
This was the Trump administration's first release of the twice-yearly report, which evaluates the foreign exchange policies of major US trading partners.
The North has reiterated its constant refrain that it is ready for war with the U.S., and its army vowed Friday a "merciless" response to any USA provocation.
The US decision "is a very desirable outcome for the development of bilateral trade in the future", the association said in a statement.
Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion previous year.
Harry Yen (顏輝煌), head of the local central bank's foreign exchange department, said that the bank has established an effective communication channel with the U.S. Treasury and will express its opinions about the department's concerns over the New Taiwan dollar and U.S. dollar exchange rate.
"Beef should have been done 10 years ago". "The United States and South Korea and North Korea are engaging in tit for tat, with swords drawn and bows bent, and there have been storm clouds gathering", China's foreign minister, Wang Yi, said. Its surplus with the United States totaled $65 billion a year ago. "But the USA administration's focus on the trade deficit is something to keep an eye on", said Nobuyasu Atago, chief economist at Okasan Securities in Tokyo.
"The report won't have an impact on the upcoming Japan-US economic dialogue next week". Indeed, from a USA point-of-view, it may be a good thing.
Meanwhile, in his most comprehensive interview since Donald Trump came into power, Eric Trump also spoke in defence of his father against U2 singer Bono's claims that the president had run away with the American Dream: "I have nothing against Bono", he said, "I just think that these celebrities are so detached from the reality and the realities of the world".
Beijing has repeatedly promised to open up financial services more widely to foreign firms, but has given few details on implementation.
But the recent US missile strike on a Syrian airbase in response to an apparent chemical attack, and the use of the "mother of all bombs" to destroy ISIS tunnels in Afghanistan seem to veer from that focus.
"The US can not and will not bear the burden of an global trading system that unfairly disadvantages our exports and unfairly advantages the exports of our trading partners through artificially distorted exchange rates", it said. While the government could remove some industries from a list of sectors restricted for foreign investment, businesses could still face red tape and licensing hurdles or be restricted to regional pilot zones.
President Donald Trump and Chinese President Xi Jinping, with their wives, first lady Melania Trump and Chinese first lady Peng Liyuan are seated during a dinner at Mar-a-Lago, April 6, in Palm Beach, Fla. He also tweeted: "If China decides to help, that would be great". Such partnerships would likely also have to clear national security hurdles.